Initial unemployment claims dropped but slightly over the past week, suggesting the labor market may be "leveling off" as the pace of pandemic layoffs reaches a possible "plateau," reports CNBC, per the U.S. Labor Department.
First-time filings for the week ended Nov. 13 totaled 268,000, 1,000 less than a week ago, though slightly higher than the 260,000 estimate. It's now the seventh straight week to see a drop in claims. The total, which was in keeping with the past month, was also "the lowest since the beginning of the pandemic," CNBC explains, though it remains "slightly above the 2019 weekly average of 218,000," per Fox Business.
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